Whether you want to set aside funds for your college education, your future car, or a cool new bicycle, you'll need to learn how to save your money. The challenging part is actually doing it, especially when you're a kid/pre-teen. But the more you discipline yourself, the easier it becomes— and the more rewarding, too.

Steps

Part 1

Figuring out How Much You Want to Save and for What Purpose

1

Set a goal for yourself. Saving your money is a lot easier if you have a particular amount in mind. If you can't decide on a set amount, just save around half of the amount that you earn or are given. For example, if you earn $10 today, put $5 towards your savings.

Get a piggy bank or other means of storage. Choose a specific place to put it, a somewhat hidden location. Don’t use your wallet, though. It may look like a decent place to keep money, but due to its easy access and portability, it’s really not. Once you find a place, try to not take the money in and out until you’ve reached your goal.

2

Make a chart. Once you know what you want to save for, figure out how many weeks it will take you, and create a chart to put on your wall. Write down each week and draw a box next to it. Each time you put money in your piggy bank or wherever, put a sticker next to that week showing how much closer you are to actually getting it.[1]

Setting multiple milestones is a great way to stay motivated when you’re saving. For example, you can check off milestones on a big poster board that you keep in your room when you meet your goal of saving $5, then $10, $15 and so on.[2]

3

Start the jar or envelope budgeting system. On either envelopes or jars, draw pictures of what you are saving for and drop the amount you decide on every week. You can have one for smaller amounts and one for bigger goals. For instance, the short-term savings could be for a certain video game and the long-term container might be for a trip to Magic Mountain.[3]

4

Visualize what you are going to do with the money you save. Cut out a picture of an item you would like to buy along with its price from a catalog or magazine. Stick it on the wall in your room or somewhere where you will see it often. This can help greatly in motivating you towards your goal.

5

Put your money in a place where you won’t be tempted to take it out and spend it. You may actually have to hide it from yourself if you do get tempted easily. Be sure it isn't so difficult, though, that you forget about saving or even where you put the money entirely. A sibling or parent's closet may be a good idea, or you may even have them hide it from you over a period of time. That way you will have to go through them to find money to spend.

Part 2

Finding Ways to Make Your Money Last

1

Remember that every penny counts. As long as it doesn’t belong to someone else, pick up every little coin you see out there. Remember that no matter how little you spend, it'll make a difference in the long run. It's similar to 100,000 individuals saying that their vote doesn't matter, but together they can make a difference.[4]

2

Find free things to do. When you hang out with friends, do something that doesn't involve spending money. For example, go to the park or play football. Or, if you’re out and not far from home, instead of buying a can of soda at the store for $1.50, save the money and take the trip to your house to get something to drink.

3

Spend wisely. From the money you have to spend it each week, figure out a small percentage that you want to put in your savings, at least 5 or 10 percent if possible. You’ll be surprised how fast it grows. It’s better to start out with a smaller amount than to say you’re going to save a big amount and then never do it.

4

Don’t buy food items with your money unless you plan to. The snack only lasts minutes then it's gone, and so is your money. Start baking at home and make your own treats. It’s a lot cheaper.

One practice to avoid to spending money on treats or spur of the moment buying is to never shop when you are hungry.

5

Tell someone that you're saving your money. This is called “accountability.” It basically means that someone else knows what you’re doing. In terms of savings, it’s so they can keep you from spending it if you feel tempted. Make sure it’s not someone who will encourage you to take it out down the road, though.

Perhaps whoever you tell can both save money towards a goal and whoever gets there first has to buy the other one a ticket to the movies or something else you both really like.

Part 3

Earning More Money to Increase Your Savings

1

Do odd jobs in your neighborhood. Start asking people in your community if there is any work you can help them with. If they say no, try not to get discouraged, as they might not have extra money to spend at the moment. However, you have at least put the word out that you are available, and a few will most likely ask if you can help them out in the future. Some useful jobs you can suggest include:

Mowing lawns

Cleaning yards

Mending clothing

Organizing storage items in the house

Weeding the garden or pathways

Shoveling snow

2

Offer to stay at a neighbor’s home when he or she goes out of town. This is called “house-sitting,” and it usually includes taking care of plants, pets and bringing in the mail. In most cases, you go to the person’s home every day and check that everything is okay. In some cases, they may want you to stay the entire time they’re gone.[5]

3

Think of creative ways to get your parents to help you. Knowing how to save money is a really great thing in life. If you show your parents early on that you can (even if it’s just a little bit at first), they will be more likely to help you.[6]Here are some ideas to consider:

Give a gift card that someone gives you to your mom or dad to use, but they have to give you the amount of money the card was worth.

Open a bank account that is operated by your parents or guardian on behalf of you. There are many bank account services available for kids. You can opt for term deposit or fixed deposit and get interest from banks on money saved. If you are between the ages of 7 to 10 years old, ask your parents to set up a junior savings account for you.

Be really good to your parents or whoever gives you your pocket money, and ask for a raise. It’s worth a try. The only thing they can say is no.

4

Become an entrepreneur. Entrepreneur is a fancy word for "start your own business," and you can never begin too young. For instance, if you have a talent, like playing the guitar or dancing, let people pay you to do it. Also consider making things and selling the items, like hats or scarves you knit. If you live in a neighborhood or subdivision, start a lemonade stand, or purchase candy bars at a discount store and sell them for a profit.

5

Clean. Do your parents get upset with your sibling if his or her room isn't clean? Offer to clean it for money. If your sibling doesn’t have any, then ask your parents if they will pay you to do it. If they’ve gotten sick of looking at it, they just might take you up on it.

Community Q&A

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Question

If I am 12 years old and saving up for an iPhone7 and I really want one, how do I make my parents believe that I really want a new phone?

The best way to get something you want, but your parents disagree with, is to show that you are responsible enough to have a phone. Tell your parents how an iPhone would benefit you -- including that you can keep in contact if there is an emergency, etc. However, it would be much easier and effective to save up for an older generation of iPhone as, of course, they are cheapest, therefore easier to save for. Also, an older phone may make it easier to get your parents to trust you with an iPhone as they probably don't want to hold the risk of having you break an expensive phone.

You could do jobs for your parents, siblings, friends or other relatives. You don't have to limit yourself to one job; you can go around asking your neighborhood for paid jobs such as car washing or mowing the lawn. However, take a friend or family member with you!

If that dollar is going to unnecessary items, then restrain yourself from doing so. It's completely pointless and will soon be regretted. Try your best to save as much money as you can to reach your goal even quicker.

Video.

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Short Video: How to Save Money as a Kid

If you want to save money, decorate a savings jar and place money inside it every week. If you want extra motivation, draw a picture or cut out a photo of what you’re saving for and paste it on the jar! Make sure you put the money jar in a safe place, like a closet, where you won’t be tempted to spend it. To earn more money, do chores for your neighbors like mowing their lawn, or have your own lemonade sale. For tips on making your money last, read on!

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Tips

Don't take your money outside your house. When you keep it inside, you will have no money to spend that day.

Make sure that when you receive your pocket money, it goes straight to the bank or piggy bank. Don't be tempted to spend it.

Don't waste any money on things that you don't need or already have.

Don't spend too much going out. If you do it often, you lost half of your money without realizing.

Find a way to keep yourself motivated! After a bit of working for money, you'll start to find yourself wanting to give up. Draw a fun picture, or write a quote to look at when you feel like giving up!

Try to earn the same amount of money every week, and keep an even pace.

Ask your parents to give you an allowance, such as $1 a week, and this will get you to your goal faster.

Keep your money hidden so your siblings won't take it.

Try to hide your money in places where you don't go a lot, like your aunt's house.

You could do midday jobs such as volunteering to mow people's lawns, washing people's cars, babysitting and so on.

If you receive $50 or so for your birthday or for Christmas, try to take only ten percent of the money to put in your wallet and the rest in your piggy bank or money jar. Keep doing that whenever you receive money and before you know it, you will have saved a ton of money.

If you have a lot of money already but you want to have to keep it for something else, ask your parents if you can help them with stuff to earn more.